University students and graduates in Victoria will see an average of $5,755 wiped from their HECS debt.

Labor has also promised students cost-of-living relief under changes to repayment arrangements.

The minimum threshold for repayments would be lifted by more than $10,000 a year, from about $54,000 to $67.000.

For someone on an income of $70,000 this will mean they will pay around $1,300 less per year in repayments.

These changes will provide significant relief to Bendigo students and workers with a student loan debt.

Source: https://data.gov.au/dataset/ds-dga-ce4c58ec-c930-4a05-8a37-f244d960e5f8/details?q=

This builds on our reforms to fix the student loan indexation formula, which has cut around $3 billion in student debt.

Labor has already delivered this change with the majority of those with a student debt receiving their credit or refund from the ATO in December last year.

This means, all up, the Albanese Labor Government will cut close to $20 billion in student loan debt for more than three million Australians.

These changes apply to HELP, VET Student Loan, Australian Apprenticeship Support Loan and other student support loans.

We’re helping with the cost of degrees and the cost of living.

Australians can calculate how much their student debt could be cut here.


QUOTES ATTRIBUTABLE TO FEDERAL MEMBER FOR BENDIGO, LISA CHESTERS MP:

“Cutting student loan debt by a further 20 per cent will make a world of difference to the 17,105 people in Bendigo currently paying off a student loan.

“People should be able to further their studies without worrying about it impacting their ability to start a family, buy a home or plan for the future.

“Only a Labor Government will deliver student debt cuts and provide people in the Bendigo electorate with less stress, and more opportunity.”